Investors are concerned about a more stringent tax regime under President Joe Biden. But when it comes to changes in the capital-gains tax rate, specifically, stocks are unlikely to be meaningfully affected.

Increased corporate and capital-gains tax rates could be on the way. Government spending certainly hasn’t been light in the past year, with trillions of dollars of fiscal stimulus and potentially $2 trillion more for infrastructure spending. The federal government must find a way to finance that spending.

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